A man walks into a Centrelink, part of the Australian government's department of human services where job seekers search for employment, in a Sydney suburb, August 7, 2014. Australia's jobless rate jumped to a 12-year high of 6.4 percent in July in what c
A man walks into a Centrelink, part of the Australian government's department of human services where job seekers search for employment, in a Sydney suburb, August 7, 2014. Australia's jobless rate jumped to a 12-year high of 6.4 percent in July in what could be a major blow to consumer confidence, knocking the local dollar lower as markets priced in a greater chance that interest rates could be cut again. Reuters/Jason Reed

With unemployment rate touching a seven-year low, Australia is all geared up for the best year of jobs growth since 2010.

Within the first 10 months of 2015, Employers added 231,700, bringing in biggest annual gain since the five years and lessening the pressure on the central bank for stimulating the slowing economy.

On Thursday, Australian Bureau of Statistics released an issue of Labour Force, showed Australia’s trend employment surged by 260,500 since last year, contributing to an increased employment to population ratio over the year from 60.6 per cent to 61.1 per cent. In case of unemployment, the trend decreased to 6.1 per cent from 6.2 percent over the same period, indicating a relatively flat year.

Going by the ABS data, the seasonally adjusted unemployment rate for October 2015 dropped to 5.9 per cent from 6.2 per cent recorded in the last month and the labour force participation rate increased by 0.1 per cent from September’s 64.9 per cent.

Over the same period, the number of people employed increased by 58,600 to 11,838,200 (in seasonally adjusted terms). It has been reported that participation of male (up by 33,500) and female (up by 24,000) in full-time and part-time jobs respectively has pushed the figures up.

The number of unemployed persons looking for full-time work was recorded at 526,300 with a decrease of more than 30,000 people and the number of unemployed persons only looking for part-time work was recorded at 213,200 with a decrease of 3,100.

Taking into account the seasonally adjusted monthly work hours, it is reported to have gone up by 1.2 per cent (1,660.4 million hours) and the number of people unemployed dropped by 33,400 to 739,500.

According to Bloomberg, this data recorded over October 2015 reflect the strengthening consumer confidence, increase in the construction and tourism industries. In addition, Reserve Bank of Australia’s decision to hold the interest rate at 2 per cent acted as a catalyst.

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